Elephant & Castle Group Inc. Announces the Resignation of Jeffrey Barnett as Chairman.MINNEAPOLIS--(BUSINESS WIRE)-- July 22, 1999-Elephant & Castle Group Inc.(R) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PUBSF, PCX (1) A bitmapped graphics file format that handles monochrome, 2-bit, 4-bit, 8-bit and 24-bit color and uses RLE to achieve compression ratios of approximately 1.1:1 to 1.5:1. Images with large blocks of solid colors compress best under the RLE method. See PC Paintbrush. :PUB) today announces that Jeffrey Barnett is stepping down as Chairman of the Board for Elephant & Castle Group Inc. Mr. Barnett co-founded the Company in 1977 and has served as Company chairman for the past 22 years. Mr. Barnett said that having accomplished his objectives, he would pursue other investment opportunities. He stated, ""Elephant & Castle has brand strength that has proven itself for more than twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. in a highly competitive industry. I have confidence that with its current strong management team the Company will continue to remain focused on operations and future expansion." Mr. Barnett will remain as a director on the board of Elephant & Castle Group Inc. subsequent to his resignation as chairman. Martin O'Dowd, President and Chief Executive Officer commented, "Mr. Barnett developed and executed a concept that has grown in popularity throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . With the addition of Alamo Alamo Eighteenth-century mission in San Antonio, Texas, site of a historic siege of a small group of Texans by a Mexican army (1836) during the Texas war for independence from Mexico. Grill and Canadian Rainforest Cafe Rainforest Cafe is a themed restaurant chain owned by Landry's Restaurants, Inc. of Houston, Texas. It was founded and created by entrepreneur Steven Schussler. Description concepts, Jeffrey created a Company with broad customer appeal and brought on board a seasoned management team that will carry all three concepts into the millenium." Elephant & Castle(R) Group Inc. is the largest operator of authentic British-style pubs with 20 locations throughout North America. In addition, the company owns and operates the Southwestern-theme restaurant concept called Alamo Grill(TM), currently located at the Mall of America Mall of America (also MOA, MoA, or the Megamall) is a shopping mall located in the Twin Cities suburb of Bloomington, Minnesota. It is just southeast of the junction of Interstate 494 and Minnesota State Highway 77, and is across the interstate from the in Bloomington, Minnesota and Franklin Mills Mall in Philadelphia, Pennsylvania. These two brands are franchised throughout the United States and Canada. Elephant & Castle Group Inc. also has a joint venture agreement with Rainforest Cafe Inc. to develop, own and operate the Rainforest Cafe restaurant and retail facilities in Canada. This news release (as well as information included in oral statements or other written statements made or to be made by the Company) may contain forward-looking statements, such as statements relating to future expansion, that involve risks and uncertainties relating to future events. Actual events or the Company's results may differ materially from the results discussed in the forward-looking statement. The Company does not expect to update forward-looking statements continually as conditions change. These risks and uncertainties include, but are not limited to, those relating to competition, fluctuations and changes in consumer preferences and attitudes, intellectual property protection, development and construction activities. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission for the fiscal year ended Dec. 28, 1998. |
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